This is the original edit of The Phantom of the Opera shown in theaters in 1925. It was extracted from the BFI Blu-ray release of Phantom but without the copyrighted piano score by Ed Bussey.
Although it's the only release of the original version in HD, it is not an accurate version. As noted by NerdlyPleasures on his blog: «[The] Man with a Lantern is excised from this version and two of the title credits "freeze" the image weirdly for several seconds.»